I'm willing to bet that this is happening because people are trying to get coins before the fork happens on November 16th.
Bitcoin Surges Past $7,000 to Extend Record Rally
11–20 of 437 posts
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#12[deleted]
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#13I keep seeing my non-it friends boasting on FB how much they profited with Bitcoin this week. I am afraid this bubble will get way much bigger before it bursts.
Well, depending on when you buy/bought, you should've taken out what you put in. I never bought over the $3k pricepoint and we had multiple drops < 3k < 2k this year at which times I bought and then sold my input after it doubled. I lost nothing. It will drop again now to < 3k probably this year, just buy then.
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#14I keep seeing my non-it friends boasting on FB how much they profited with Bitcoin this week. I am afraid this bubble will get way much bigger before it bursts.
I have the feeling that it will go up to something close to 10k and then after a period of horizontal value, the money is going to go to something useful, like Ethereum. So better to wait and sell after that.
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#15I consider myself pretty tech-savvy, but I'm still completely lost as to whether Bitcoin is basically a pyramid scheme set to crash massively, or something huge that will continue climbing. I probably should've taken the time to mine some back when my friends were doing it and tried convincing me too. Ah well. (Queue heated comments from both sides. Discussing bitcoin is like bringing up religion AND politics at the…
(i am somewhat familiar with the tech but don't follow the business side of bitcoin) what I find weird is the forks. A major selling point of bitcoin is that there will ever be only 21 Mio coins. You know, unless there is a hard fork and now there are suddenly twice as many coins. Presumably one of the resulting coins' value will drop but you are still creating value out of thin air, something that the crypto people…
> I am sure blockchain tech will be hugely successful in the banking and government sector
Are you? Why? So far, no bitcoin/blockchain advocates have been able to explain to me a single non-illegal use case that isn't better served by a traditional, centralized database.
A single large Postgres instance could handle all the global transaction volume of bitcoin, and it would be faster and orders of magnitude more energy efficient, too.
(Cue bitcoin people telling me about how it's 'trustless', and I should just trust the miners, devs and exchanges and hurry up and buy some)
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#16I consider myself pretty tech-savvy, but I'm still completely lost as to whether Bitcoin is basically a pyramid scheme set to crash massively, or something huge that will continue climbing. I probably should've taken the time to mine some back when my friends were doing it and tried convincing me too. Ah well. (Queue heated comments from both sides. Discussing bitcoin is like bringing up religion AND politics at the…
(i am somewhat familiar with the tech but don't follow the business side of bitcoin) what I find weird is the forks. A major selling point of bitcoin is that there will ever be only 21 Mio coins. You know, unless there is a hard fork and now there are suddenly twice as many coins. Presumably one of the resulting coins' value will drop but you are still creating value out of thin air, something that the crypto people…
> I am sure blockchain tech will be hugely successful in the banking and government sector
Then it's worth looking into Ethereum.
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#17I'm willing to bet that this is happening because people are trying to get coins before the fork happens on November 16th.
Double the coins, double the profits! Right?
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#18I consider myself pretty tech-savvy, but I'm still completely lost as to whether Bitcoin is basically a pyramid scheme set to crash massively, or something huge that will continue climbing. I probably should've taken the time to mine some back when my friends were doing it and tried convincing me too. Ah well. (Queue heated comments from both sides. Discussing bitcoin is like bringing up religion AND politics at the…
Cryptocurrencies have a niche use, mainly to buy things on the black market but also for small peer-to-peer international payments when other options are not practical. For this reason I don't expect that cryptocurrencies will completely disappear any time soon.
However the value of bitcoin is mainly driven by speculation at this point, a currency that's so volatile is very difficult to use if you're a business. At best you accept it at the current exchange rate and you immediately convert it to fiat. Anything else is very risky.
But that might be temporary, eventually the exchange rate might stabilize, at which point speculation could be vastly reduced and it would work better as a currency. That's kind of a chicken-and-egg problem though, in order for the exchange rate to stabilize you must attach a real world value to the currency by buying and selling things, paying taxes etc... But that won't happen as long as the exchange rate is so volatile.
I'm also very much unconvinced that a deflationary currency can work at all in the long run or that bitcoin will end up fixing the problems its proponents say it will, but that's up for debate.
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#19I consider myself pretty tech-savvy, but I'm still completely lost as to whether Bitcoin is basically a pyramid scheme set to crash massively, or something huge that will continue climbing. I probably should've taken the time to mine some back when my friends were doing it and tried convincing me too. Ah well. (Queue heated comments from both sides. Discussing bitcoin is like bringing up religion AND politics at the…
Bitcoin isn't a pyramid scheme. It just does not have any value. Fools and their money are easily parted. (The comments on this site have as much or more value.)
The Fractional reserve system is(), (Dollar, Pound, Euro, etc.) They require a constant recreation of debt to keep going.
(less a pyramid more just Ponzi)
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#20I consider myself pretty tech-savvy, but I'm still completely lost as to whether Bitcoin is basically a pyramid scheme set to crash massively, or something huge that will continue climbing. I probably should've taken the time to mine some back when my friends were doing it and tried convincing me too. Ah well. (Queue heated comments from both sides. Discussing bitcoin is like bringing up religion AND politics at the…
(i am somewhat familiar with the tech but don't follow the business side of bitcoin) what I find weird is the forks. A major selling point of bitcoin is that there will ever be only 21 Mio coins. You know, unless there is a hard fork and now there are suddenly twice as many coins. Presumably one of the resulting coins' value will drop but you are still creating value out of thin air, something that the crypto people…
The forked currencies are just the same as altcoins, you can't sell 1 Bitcoin Cash for $7000. The fact that people are willing to accept money for them doesn't change the value of one Bitcoin.